News Middle East20 Jun 2019

Turkey:Travel health insurance business is growing

Turkey: Travel health insurance business is growing | 20 Jun 2019

Turkish travellers spent TRY172.27m ($29.37m) on premiums for travel health insurance last year, 42% higher than 2017's TRY120.06m, according to data from the Insurance Association of Turkey.

Furthermore, travel health insurance in the first three months of this year generated premiums of TRY40.60m, 14.2% more than in the corresponding quarter last year.

Günes Sigorta assistant general manager Mr Ilhan Sahin said that the number of travel health Insurance policies issued in 2018 was around 3m, and the total number of insured persons reached 1.75m. “When we look at this, we see that only one person out of every five people travelling has a policy.”

Those who travel do not have a travel health insurance policy unless it is made compulsory by visa issuing countries, reported Insurance Gazette

Allianz Turkey non-auto insurance deputy general manager Öktem Örken's said that the Turkish travel insurance market is at the developmental stage considering the level of insurance ownership and awareness in the country in general.

Data from the Turkish Statistical Institute (TSI) show that 8.38m Turkish citizens travelled abroad last year. Around 43% did so for sightseeing, entertainment, as well as sporting and cultural activities; 23% visited friends and relatives and 21.5% went on business.

Most of the travellers went to Saudi Arabia, followed by Northern Cyprus , Iraq and Germany. The visits to Saudi Arabia were because of the haj or the umrah. The travellers each spent an average of 9.4 nights overseas.

Travel insurance premiums are primarily determined by age and coverage. People aged up to 65 pay less premiums than those aged 65 and older. Since travel health insurance is short-term insurance, the premiums do not vary much. According to insurance companies, premiums start from EUR4.50 ($5.04) for trips up to eight days and can reach up to EUR35 for trips up to one year.

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